Currency Exchange

The Chinese currency is called the known as the Yuan or Renminbi (abbreviated as RMB). It is also referred to as a kuai in casual conversation. It’s recommended that students keep careful track of how much money.

Below is a list of various currencies and how much they exchange for:

100 RMB =

14.5 US Dollars
10 British Pounds
11 Euros
20.5 Australian Dollars
14,500 Japanese Yen
20,000 Korean Won
214,000 Ghanaian Cedi
2150 Nigerian Naira

Where to exchange money

While it is sometimes possible to exchange in the international terminal of various airports around the world, it isn’t recommended, as the exchange rates are not as good as in China.

Once you’re in the airport in China, you can search for any of the major banks and exchange money there. Remember to bring your passport, as this is usually required when exchanging money.

Remember that in theory, you must provide a pay receipt and show a valid work visa when exchanging RMB into a foreign currency. Alternatively you can keep the receipt from the bank, hotel or ATM that you exchanged the money at and show it when you convert the RMB back into your desired currency.

Banks across China are able to exchange money. Larger hotels are also usually able to perform this service, but don’t count on it in places that don’t see many tourists. Chinese banks are open every day of the week (except holidays).

ATMs are the best way to convert money in China. Most ATMs are hooked up to international monetary networks like Visa so you can withdraw currency from your bank account at home and instantly get RMB from the ATM. Note that most ATMs take a small surcharge for each transaction, so it’s best to withdrawal large sums.

All ATMs in major cities accept foreign credit cards. In smaller towns and regions with little tourism, you may have to try several different ATMs before you find one that will allow you to convert money and withdraw RMB. Note that Chinese ATMs usually do not allow you to check the balance of a foreign bank account.